Making Ends Meet Survey

Bureau of Consumer Financial Protection

Making Ends Meet Survey

Want to take the survey online?
Mobile

Text your unique survey PIN number to 202-883-3381 to receive a

Web

Go to www.CFPBMakingEndsMeet.com and enter your unique

link to directly connect to your survey or;

survey PIN number and 5-digit zip code.

Questions? If you have any technical difficulties, including problems with the

website or any questions about the survey, please call 1-855-246-9457.

For more information about the BCFP, visit www.consumerfinance.gov.

Making Ends Meet Survey
What is the BCFP?
The Bureau of Consumer Financial Protection (BCFP) is sponsoring this survey. The BCFP is a
Federal agency created in 2010 to make mortgage, credit card, automobile, and other
consumer loans work better and ensure that these markets are fair, transparent, and
competitive.
What is the Making Ends Meet survey?
Many households run out of money at one time or another. This survey will help us understand
your experiences and decisions when money gets tight. Because people’s experiences can vary
widely, please fill out the survey even if you have never run out of or borrowed money. The
information you provide will help shape federal policies to ensure that everyone is treated fairly
and respectfully when they borrow money to make ends meet.
How long will it take?
We expect the survey will take about 30 minutes, but the time may vary based on your
experiences.
Who should complete this survey?
It is important that this survey is only completed by the person named on the enclosed letter.
Who will see my responses, and how will my responses be used?
Your responses will be used by researchers at the BCFP and others to understand consumers’
experiences. Your responses will be kept private. Participation in the survey will not affect your
credit or credit score.
How was I selected for this survey?
People were selected at random from across the United States.
Privacy Act Statement
5 U.S.C. 552(a)(e)(3)
The information you provide through your responses to Westat will assist the study sponsor,
the Bureau of Consumer Financial Protection (“Bureau”), in understanding people’s experiences
when money gets tight.
The Bureau will not obtain nor access any directly identifying information from Westat about
study participants. The information collected by Westat will include direct identifying personally
identifiable information (PII) in order to contact you and will be combined with other data that
the Bureau has collected to understand conditions in consumer credit markets in a way that
you cannot be identified. The Bureau will only receive and keep response data stripped of
direct identifying PII.

Information collected on behalf of the Bureau by Westat will be treated in accordance with the
System of Records Notice (“SORN”), CFPB.022, Market and Consumer Research Records,
https://www.federalregister.gov/articles/2012/11/14/2012-27582/privacy-act-of-1974-asamended. Although the Bureau does not anticipate further disclosing the information provided,
it may be disclosed as indicated in the Routine Uses described in the SORN. Direct identifying
information will only be used by Westat to facilitate the study and will be kept private except as
required by law. The Bureau may make an anonymous version of the survey data publically
available.
This collection of information is authorized by Pub. L. No. 111-203, Title X, Sections 1013 and
1022, codified at 12 U.S.C. §§ 5493 and 5512.
Participation in this exercise is voluntary. You may withdraw participation at any time.
However, if you do not include the requested information, you may not participate in the study.
Paperwork Reduction Act Statement:
According to the Paperwork Reduction Act of 1995, an agency may not conduct or sponsor,
and a person is not required to respond to a collection of information unless it displays a valid
OMB control number. The OMB control number for this collection is 3170-0066. It expires on
10/31/2019. The time required to complete this information collection is estimated to average
approximately 30 minutes per response Comments regarding this collection of information,
including the estimated response time, suggestions for improving the usefulness of the
information, or suggestions for reducing the burden to respond to this collection should be
submitted to the Bureau at the Consumer Financial Protection Bureau (Attention: PRA Office),
1700 G Street NW, Washington, DC 20552, or by email to [email protected].

A. Your General Financial Situation and Experiences
1. How well do these statements describe you or your situation?
This statement describes my situation . . .
Completely
I know how to make complex
financial decisions.
I am just getting by financially.
I am concerned that the money
I have or will save won’t last.
Because of my money situation,
I feel like I will never have the
things I want in life.

Very well

Somewhat

Very little

Not at all

2.

How often do these statements apply to you?

3. What sources of information do you use to make decisions about borrowing, credit, savings, or
investments?
Yes

No

Family or friends
Financial planner, advisor, or broker
Banker
Internet, web service or application
Internet search
Lawyer or accountant
Books, magazines, newspapers, or mail

This statement applies to me . . .
Always
I have money left over at the
end of the month.
My finances control my life.

2

Often

Sometimes

Rarely

Never

B. Your Household and its Finances
9. What was your household’s approximate
annual income in 2017 from all sources
(wages, tips, interest, child support,
alimony, investment or rental income,
retirement, Social Security, and
government benefits such as food stamps)?

4. Do you have a spouse or partner you share
finances with?
Yes
No

5. Do you have any children, parents,
relatives, or other dependents that you
share your finances with or who are
financially dependent on you?

$15,000 or less
$15,001 to $20,000
$20,001 to $40,000
$40,001 to $70,000
$70,001 to $100,000
More than $100,000

Yes
No

The next questions are about your household. By
household, we mean you and anyone you share your
finances with.

10. How did this total annual household
income in 2017 compare to what you would
expect in a “normal” year?

If you answered Yes to question 4, question 5, or both,
please answer the following questions for both you
and the people you share your finances with.

Higher than normal
Normal
Lower than normal

6. Who is responsible for making day-to-day
decisions about money in your household?

11. Do you expect your income next year to be
higher or lower than it was in the past?

I make these decisions by myself
I make these decisions along with someone
else
Someone else makes these decisions

Higher
About the same
Lower

12. About how much do you think you and
your family need to have in savings for
emergencies and other unexpected things
that may come up?

7. Do you or anyone in your household
currently have a checking account?
Yes
No

$_____________
13. What is your current work status? Mark all
that apply including for your spouse or
partner if you have one.

8. How does your household mostly pay for
bills and purchases? Please mark all that
apply.

You
Cash
Debit cards
Checks
Credit cards
Pre-paid cards
Automatic payments
Pay online
Money orders
Mobile app
Other (please specify)

Self-employed
Work full time
Work part time
Retired
Temporarily laid off or on leave
Unemployed
Not working for pay (homemaker,
student, disabled, etc.)

14. Are you actively looking for a job or
another job if you already have one?
Yes
No

3

Spouse/
Partner

15. Which best describes your household’s
income from month to month?

20. Does your household have any stocks,
bonds, or mutual funds outside of
retirement accounts?

Income is about the same each
month
Skip to question 17
Income varies somewhat from
month to month
Income varies a lot from month
to month

Yes
No

21. In the past 12 months, have you or others
in your household had an overdraft on a
checking or savings account or had a
payment turned down because the account
balance was less than the charge?

16. Does your household’s income vary
from month to month for any of the
following reasons?
Yes

No
Skip to question 25
Yes, had an overdraft
Yes, turned down

No

Bonuses, commissions, or tips
Seasonal employment
Variable work hours or irregular
work
Illness or injury affect my hours
Unemployment
Investment income
Tax refunds or unexpected taxes
Number of paychecks varies
Variable self-employment income
Overtime

22. In the past 12 months, how many
times have you or others in your
household had an overdraft on a
checking or savings account or had a
payment turned down?
1-3 times
4-10 times
More than 10 times

23. The last time this happened, did you
pay a fee?

17. Do you expect your income from month to
month to be more or less variable in the
next six months than it was in the last year?

Yes
No

24. The last time this happened, were you
surprised or did you expect to
overdraft your account when you
made the transaction?

More variable
About the same
Less variable

Surprised
I thought it was possible
Expected to overdraft

18. Which of the following statements comes
closest to describing your household’s
monthly savings habits?

25. Please estimate the total amount of money
your household has right now in checking
and savings accounts.

Don’t save – usually spend more than
income
Don’t save – usually spend about as much
as income
Save whatever is left over at the end of the
month – no regular plan
Save regularly by putting money aside each
month

$0
Less than $100
$100 to $500
$501 to $1,000
$1,001 to $3,000
$3,001 to $5,000
$5,001 to $10,000
More than $10,000

19. Does your household have IRAs, 401(k)
accounts, a pension plan, or other
retirement accounts?
Yes
No

4

26. Do you or someone in your household own
your current residence?

C. Experiences with Credit
32. Have you taken out a payday loan in the
past 6 months? (A payday loan is a loan that
you must repay, rollover, or make a payment
on your next payday.)

Yes
No

27. If No, do you…
Rent your current residence
Don’t pay rent because residence
owned by a family member
Don’t pay rent for another reason

Yes
No

33. Have you rolled over a
payday loan more than once
in the last 6 months?

28. How much does your household spend on
rent or your mortgage each month?

Yes
No

0 or not applicable
Less than $500
$500 to $999
$1000 to $1999
$2000 to $3999
More than $4000

34. Do you still owe money on
any payday loan?
Yes
No

35. Did you take out a payday
loan online in the past 6
months?

29. Imagine your household had an unexpected
emergency expense of $2,000 that could not
be avoided. How much of this expense
could you pay within a week?

Yes
No

36. Have you taken out a pawn shop loan in the
past 6 months?
Yes
No

None of it
Some of it, but less than $1,000
$1,000 or more, but less than $2,000
All of the $2,000

37. Do you still owe money on
any pawn shop loan?
Yes
No

30. If your household lost its main source of
income, about how long could you and your
household cover typical expenses by
borrowing, using savings, selling assets, or
seeking help from family or friends?

38. Have you taken out a new loan to buy a car
in the past 6 months?
Yes
No

39. Do you still owe money on
any auto loan?

Less than two weeks
About one month
About two months
Three to six months
More than six months

No
Yes

40. Have you taken out an auto-title loan in the
past 6 months? (An auto-title loan uses the
car’s value to borrow money for a short
period of time.)

31. In the past 12 months, did you or anyone in
your household cash a check someplace
other than a bank or financial institution?
Please mark all that apply.

Yes
No

41. Do you still owe money on
any auto-title loan?

Yes – a grocery, convenience, or retail store
Yes – a check cashing or payday-lending store
Yes – other (please specify)

Yes
No

No

5

42. At any time in the past five years, did you
think of applying for credit or a loan but
changed your mind because you thought
you might be turned down?

48. When was the last time you checked your
credit score or credit report?
Never
At least one year ago
Within the last year

Yes
No

43. How likely do you think it is that you will
get one of the following in the next 6
months?
Very
likely

Likely

Unlikely

Very
unlikely

New credit card
Mortgage to
buy a house
Loan to buy a
car
Pawn shop loan
Auto-title loan
Payday loan in
store
Payday loan
online
Some other loan

49. The last time you checked your score
or credit report, how did you check
it?
A free website like
AnnualCreditReport.com
A paid website
A credit monitoring service
Your credit card statement
Some other way

50. How do you think your credit score
has changed since the last time you
checked it?
Gone up
Stayed about the same
Gone down

51. Have you ever tried to improve your credit
score?

44. Do you currently have a credit card?

Yes
No

Yes
No

45. Did you have an unpaid balance
on any of your cards after
making your last payment?

52. Do you think the following statements are
mostly true or mostly false?
Mostly
True

Yes
No

46. Thinking of all of your credit
cards, how do you think the
following will change in the
next 6 months?
Decrease

Stay the
same

All lenders give about the same
rates for the same type of loan.
Having a low credit score may
keep you from getting a job.

Increase

Checking your credit score is bad
for your credit.

The balance you
carry month to
month
Your credit card
limit
Number of credit
cards

Applying for a lot of credit in a
short time harms your credit score.
A foreclosure leaves your credit
record after 7 years.

47. In the past year, have you unexpectedly
had a credit card canceled or the limit on
the amount you could charge reduced?
Yes
No

6

Mostly
False

D. Running Out of Money
53. Do you expect to have difficulty paying for a bill or expense in the next six months?
Yes
No

54. Do you expect to borrow to meet this bill or expense?
Yes
No

55. At any time in the past 12 months have you or your household had difficulty paying for a bill or
expense?
Yes
No

Skip to section E.

56. How often did you have trouble?
Only once in the last 12 months
2 times
3 or 4 times
5 to 12 times
More than 12 times

57. When was the most recent time you or your household had trouble paying a bill or expense?
1-3 months ago
4-6 months ago
7-9 months ago
10-12 months ago

58. Thinking about the most recent time you had trouble, was there an event that caused this
difficulty?
Yes
No

59. What was that event? Please mark all that apply.
Medical expenses or fees
Loss of income from illness
Loss of job
Other loss of income
Home repair
Auto repair
Taxes or fees
Legal bills
Death or funeral costs
Helping children, parents, or other family members
Student loan, school, or tuition costs
Moving costs
Fraud or theft
Other (please specify)

60. About how large was the cost or loss of income from this event?
$____________

61. Was this event expected or unexpected?
Skip to 61 on
the next page

Expected
Unexpected

7

64. A major expense for one thing may make it
hard to pay other bills or expenses. When you
ran out of money, what did you have difficulty
paying for? Please mark all that apply.

62. Which of the following did you do when you
had difficulty paying that bill or expense?
Please mark all that apply.
Did not pay for all of this expense
Negotiated a lower or delayed payment for this
expense
Cut back on other expenses
Paid another bill late or skipped a payment
Increased income, for example, by working
overtime or taking an extra job
Sold something
Pawned something
Took money from savings, investment, or a
retirement account
Borrowed from an IRA, 401k, or retirement
account
Used a credit card
Took out or used a home equity line of credit
Took out a loan from a bank, credit union, or other
financial institution
Borrowed from friends or family
Took out a payday loan
Took out an auto-title loan
Borrowed from an unlicensed lender who charges
interest
Other (please specify)

A medical expense
A car or vehicle repair
A home repair
Food
Mortgage or rent
Utilities
Other regular household expenses
Another major expense
Other (please specify)

E. Household Events
65. In the past 12 months, has your household
experienced a significant, unexpected, or
involuntary drop in income from any of the
following?
Yes

No

Period of unemployment
Reduction in work hours
Changed to a lower-paying job
Loss of government benefits
Worked less because of illness or injury
Retired
Could not work because someone in
your household was in jail
Other significant drop in income

63. If you borrowed money, why did you choose
this way of borrowing money over another
option? Please mark all that apply
It was the lowest cost option
It was familiar; I had used it before
The terms, like price or repayment options, were
easy to understand
It was convenient
It was the only option I could qualify for
I could get the money quickly
There was no credit check
It was available online
Family or friends recommended it to me
I did not want anybody to know that I needed
money
Other (please specify)

66. In the past 12 months, have any of the
following happened to your household?
Yes
Someone in your household got married
Someone in your household divorced or
separated
Someone in your household died,
including a parent
Someone was born, adopted, or moved
into your household
Someone left your household
Someone in your household went to jail
Natural disaster affected your home or
business
You moved to a new residence

8

No

67. In the past 12 months, has your household
experienced a significant unexpected expense
from any of the following?
Yes

F. Perspectives

No

In this section, we ask some questions to understand your
perspectives and how you make decisions. There are no
right answers.
70. When making major decisions about
borrowing money or getting credit, some
people search for the very best terms while
others don't. Which of the following comes
closest to describing how much you search
when borrowing or getting credit?

A major medical or dental expense
Gift or loan to a family member or
friend outside your household
A major vehicle repair or replacement
A major house or appliance repair
A TV, computer, or mobile phone repair
or replacement
Legal expenses or fines
Taxes or fees
Theft or robbery
Increase in child care or dependent care
expenses
Other major unexpected expense

Not at all
A little
A moderate amount
A great deal

71. Generally speaking, would you say that most
people can be trusted or that you need to be
very careful in dealing with people?

68. In the next 6 months, do you expect any of the
following to occur?
Yes

Most people can be trusted
Need to be very careful

No

To move to a new residence
A period of unemployment
Other reduction in income
A major medical expense
To get a promotion
Go on vacation
Pay a large education related expense
To buy a house
To buy a car
A major home renovation or repair
Birth, adoption, or other addition to your
household
Someone in your household to get married

72. Suppose you were offered several possible
lotteries, but you could choose only one. In
each lottery, outcomes A and B are equally
likely. Which one of these five lotteries would
you prefer?

69. If you answered yes to any of the events in
question 67, do you expect to need to borrow to
cover any of these expenses?
Yes
No

Outcome A
50% chance

Outcome B
50% chance

Lottery 1

Get $42

Lose $6

Lottery 2

Get $34

Lose $2

Lottery 3

Get $26

Get $2

Lottery 4

Get $18

Get $6

Lottery 5

Get $10

Get $10

73. Suppose you were given a monetary award and
could decide when you would get it as a lump
sum. Choose one option for each of a, b, and c.
a.

Would you rather get:
$1000 in one month
$1050 in six months

b.

Would you rather get:
$1000 in one month
$1100 in six months

c.

Would you rather get:
$1000 in one month
$1150 in six months

9

G. You and Your Household
74. What is your sex?

82. Besides you and your spouse, how many
other adults live in your household?

Male
Female

No others
1 other
2 or more

75. How old are you?
Less than 25 years
25–34 years
35–44 years
45–54 years
55–61 years
62 years or older

83. How many children live in your household?
No children
1
2 or more

84. How many children do you currently have
in college?

76. What is your highest level of education?
Less than a high school degree
High school degree
Technical or vocational degree
Some college, but no degree
Two-year college degree
Four-year college degree
Postgraduate degree (for example, MA, PhD,
JD, MBA, MD)

None or not applicable
1
2 or more

85. Thinking of the child who most
recently started college, in what year
did that person first enroll in college?

77. Are you currently attending school?
Yes
No

86. If you helped any of your children pay for
college, how did you do so?

78. Is English your preferred language?

Took money out of savings (including a
retirement account)
Took out a parental education loan
Used a home equity loan or refinanced a
mortgage
Took out another loan

Yes
No

79. Are you of Hispanic, Latino, or Spanish
origin?

87. What is your military status?

Yes
No

You

80. What is your race? Mark all that apply.

Spouse/
Partner

No military service
On active duty
Reserve or National Guard
Veteran or retired

White
Black or African American
American Indian or Alaska Native
Asian
Native Hawaiian or other Pacific Islander

88. Do you have a mobile phone?
Yes
No

81. What is your current marital status?

89. How do you access the internet?

Married
Living with a partner
Never married
Separated
Divorced
Widowed

Yes
Your phone
A computer at home
A computer at work
A tablet or similar portable device
Other (for example, at the library
or a relative’s home)
10

No

G. Household Expenditures and Finances
90. In the past five years, have you been more than 90 days overdue on a loan, such as for a credit card
or mortgage, or another bill?
Yes
No

91. Have you applied for any type of credit or loan in the last five years?
Yes
No

92. In the past five years, were you turned down for a loan or not given as much credit as
you applied for?
Yes
No

93. About how much do you spend on food you use at home in an average week?
Less than $50
$50 to 99
$100 to $199
$200 or more

94. Did you have any food delivered in the last week?
Yes
No

95. Have you or anyone in your household eaten out in the last week?
Yes
No

96. Does your household replace or repair any major electrical good such as a refrigerator or washing
machine when broken?
Yes, immediately
Yes, when we have the funds
No
Does not apply

97. Does your household replace worn-out clothes with new ones?
Yes, immediately
Yes, when we have the funds
No
Does not apply

98. Thinking of your household’s total monthly or weekly income, is your household able to make ends
meet, that is, pay your usual expenses?
With great difficulty
With difficulty
With some difficulty
Fairly easily
Very easily

99. Do you have a small amount of money to spend each week on yourself (not your family)?
All the time
Most weeks
Once in a while
Hardly at all or never

11

100. If your household absolutely had to pay a large expense, after using savings, investment, or
retirement accounts, what other sources of money you would turn to?
Charging the expense to a credit card or taking a cash advance on a credit card
Taking out a loan from a bank or other financial institution
Borrowing from friends or family
Payday loan (online or storefront)
Auto-title loan
Pawning something you own
Selling a household item
Overdraft
Home equity line of credit
Other (please specify)

12

We have provided the space below if you wish to share additional comments or further explain any of your
responses. Please do not put your name or address on the questionnaire.

Thank you for completing our survey!
Please use the enclosed business reply envelope to return your completed questionnaire to:
Bureau of Consumer Financial Protection
1600 Research Blvd., RC B16
Rockville, MD 20850

Want to take the survey online?
Mobile

Text your unique survey PIN number to 202-883-3381 to receive a

Web

Go to www.CFPBMakingEndsMeet.com and enter your unique

link to directly connect to your survey or;

survey PIN number and 5-digit zip code.

Questions? If you have any technical difficulties, including problems with the

website or any questions about the survey, please call 1-855-246-9457.

For more information about the BCFP, visit www.consumerfinance.gov

13